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Business's response - on 7/15/2009
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THIS FILE HAS BEEN CLOSED SATISFACTORILY BY THE BBB
COMPANY PERFORMED ACCORDING TO CONTRACTUAL OBLIGATIONS
This complaint is complete nonsense!! It is obviously an attempt to play the blame game!! The complaint is stemming from an unprofessional client/broker who does not try and educate him/herself (or his clients/borrowers) by understanding the level of difficulty and volatility the mortgage and real estate market is experiencing. Instead of realizing that the mortgages that were submitted were of a very high risk level and insufficient equity, he chooses to think he is immune to the newer, stricter, ever changing and tightening guidelines of nationwide and international direct lenders, funding sources, hedge funds, private equity firms, wealth private hard money lenders, and other such mortgage funding sources. MGM International Mortgage Corporation is a direct lender. Yet, it never guarantees that any submitted loans will fund. It is simply not our decision alone. We need to perform severe due diligence in this volatile real estate and mortgage market. It then submits the loans to it investors and funding source that perform their own due diligence and determine a final lending decision. Once MGM determines that a loan can or cannot be done, it notifies the broker of its final decision. Prior to engaging any fees or efforts, all brokers and borrowers properly pre-disclosed to of MGM International Mortgage Corporation's policies, procedures & responsibilities and sign a formal due diligence form. MGM only makes a profit if a loan funds. That is the goal!! We are lucky to have several other sources in case we lose any due to market conditions... And, out of good faith, MGM International will resubmit the files to the other lenders to help find financing. However, all submissions have costs (processing, pre-due diligence, translating, facilitating the submission, etc)... Not-to-mention each source charges us submission and due diligence fees.
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